UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

Form 6-K

 

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2021

Commission File Number 001-39237  

 

ATLAS CORP.

(Exact name of Registrant as specified in its Charter)

 

23 Berkeley Square

London, United Kingdom

W1J 6HE

(Address of principal executive office)

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F. Form 20-F      Form 40-F  

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101 (b)(1).     Yes      No  

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101 (b)(7).     Yes      No  

 

 


 

 

Item 1 — Information Contained in this Form 6-K Report

This report on Form 6-K of Atlas Corp., or this Report, is hereby incorporated by reference into: the Registration Statement of Atlas Corp. filed with the Securities and Exchange Commission, (the “SEC”), on May 30, 2008 on Form F-3D (Registration No. 333-151329), as amended on February 28, 2020, the Registration Statement of Atlas Corp. filed with the SEC on March 31, 2011 on Form S-8 (Registration No. 333-173207), as amended on February 28, 2020, the Registration Statement of Atlas Corp. filed with the SEC on June 20, 2013 on Form S-8 (Registration No. 333-189493), as amended on February 28, 2020, the Registration Statement of Atlas Corp. filed with the SEC on April 24, 2012 on Form F-3 (Registration No. 333-180895), as amended on March 22, 2013 and February 28, 2020, the Registration Statement of Atlas Corp. filed with the SEC on April 29, 2014 on Form F-3 (Registration No. 333-195571), as amended on March 6, 2017, April 19, 2017 and February 28, 2020, the Registration Statement of Atlas Corp. filed with the SEC on November 28, 2014 on Form F-3 (Registration No. 333-200639), as amended on March 6, 2017, April 19, 2017 and February 28, 2020, the Registration Statement of Atlas Corp. filed with the SEC on November 28, 2014 on Form S-8 (Registration No. 333-200640), as amended on February 28, 2020, the Registration Statement of Atlas Corp. filed with the SEC on March 12, 2015 on Form F-3D (Registration No. 333-202698), as amended on February 28, 2020, the Registration Statement of Atlas Corp. filed with the SEC on June 24, 2016 on Form S-8 (Registration No. 333-212230), as amended on February 28, 2020, the Registration Statement of Atlas Corp. filed with the SEC on August 25, 2017 on Form F-3 (Registration No. 333-220176), as amended on February 28, 2020, the Registration Statement of Atlas Corp. filed with the SEC on December 21, 2017 on Form S-8 (Registration No. 333-222216), as amended on February 28, 2020, the Registration Statement of Atlas Corp. filed with the SEC on April 13, 2018 on Form F-3D (Registration No. 333-224291), as amended on February 28, 2020, the Registration Statement of Atlas Corp. filed with the SEC on April 13, 2018 on Form F-3 (Registration No. 333-224288), as amended on May 3, 2018, May 7, 2018 and February 28, 2020, the Registration Statement of Atlas Corp. filed with the SEC on September 28, 2018 on Form F-3 (Registration No. 333-227597), as amended on February 28, 2020, the Registration Statement of Atlas Corp. filed with the SEC on January 18, 2019 on Form F-3 (Registration No. 333-229312), as amended on February 28, 2020, the Registration Statement of Atlas Corp. filed with the SEC on March 27, 2019 on Form F-3 (Registration No. 333-230524), as amended on February 28, 2020, the Registration Statement of Atlas Corp. filed with the SEC on May 11, 2020 on Form F-3 (Registration No. 333-238178), as supplemented on December 7, 2020, the Registration Statement of Atlas Corp. filed with the SEC on June 30, 2020 on Form S-8 (Registration No. 333-239578), the Registration Statement of Atlas Corp filed with SEC on March 19, 2021 on Form F-3 (Registration No. 333-254536), and the Registration Statement of Atlas Corp filed with SEC on July 16, 2021 on Form F-3 (Registration No. 333-257967).

Seaspan Corporation Financial Information

Part I to this Report contains certain financial information of Seaspan Corporation, a wholly owned subsidiary of Atlas Corp., for the quarter ended June 30, 2021.

 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

 

ATLAS CORP.

 

 

 

 

Date: August 19, 2021

By:

 

/s/ Graham Talbot

 

 

 

Graham Talbot

 

 

 

Chief Financial Officer

 

 

 

(Principal Financial and Accounting Officer)

 


 


 

 

SEASPAN CORPORATION

REPORT ON FORM 6-K FOR THE QUARTER ENDED JUNE 30, 2021

 

INDEX

 

 

 

Unless we otherwise specify, when used in this Report, the term “Seaspan”, the “Company”, “we”, “our” and “us” refer to Seaspan Corporation and its subsidiaries. The term “Atlas” refers to Atlas Corp., our parent company.

 

 

 

 


 

 

SEASPAN CORPORATION

PART I – FINANCIAL INFORMATION

ITEM 1 – INTERIM CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

 

SEASPAN CORPORATION

Interim Consolidated Balance Sheets

(Unaudited)

(Expressed in millions of United States dollars)

 

 

June 30, 2021

 

 

December 31, 2020

 

Assets

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

121.1

 

 

$

243.5

 

Accounts receivable

 

 

30.9

 

 

 

20.9

 

Due from related party (note 2)

 

 

28.4

 

 

 

19.5

 

Prepaid expenses and other

 

 

30.5

 

 

 

31.5

 

Net investment in lease (note 3)

 

 

12.7

 

 

 

10.7

 

 

 

 

223.6

 

 

 

326.1

 

 

 

 

 

 

 

 

 

 

Vessels (note 4)

 

 

7,118.9

 

 

 

6,619.6

 

Right-of-use asset (note 5)

 

 

777.3

 

 

 

838.6

 

Net investment in lease (note 3)

 

 

498.4

 

 

 

418.6

 

Goodwill

 

 

75.3

 

 

 

75.3

 

Derivative instruments (note 14(c))

 

 

47.3

 

 

 

19.2

 

Other assets (note 6)

 

 

314.2

 

 

 

186.9

 

 

 

$

9,055.0

 

 

$

8,484.3

 

Liabilities and shareholder's equity

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable and accrued liabilities

 

$

90.8

 

 

$

88.9

 

Deferred revenue

 

 

19.3

 

 

 

26.3

 

Long-term debt - current (note 7)

 

 

318.0

 

 

 

321.7

 

Operating lease liabilities - current (note 8)

 

 

156.0

 

 

 

159.1

 

Other financing arrangements - current (note 9)

 

 

86.9

 

 

 

64.1

 

Other liabilities - current

 

 

17.2

 

 

 

2.8

 

 

 

 

688.2

 

 

 

662.9

 

 

 

 

 

 

 

 

 

 

Long-term debt (note 7)

 

 

3,325.7

 

 

 

3,025.0

 

Operating lease liabilities (note 8)

 

 

611.0

 

 

 

668.1

 

Other financing arrangements (note 9)

 

 

1,054.6

 

 

 

801.7

 

Derivative instruments (note 14(c))

 

 

94.7

 

 

 

68.9

 

Other liabilities

 

 

14.4

 

 

 

10.4

 

Total liabilities

 

 

5,788.6

 

 

 

5,237.0

 

 

 

 

 

 

 

 

 

 

Shareholder's equity:

 

 

 

 

 

 

 

 

Share capital

 

 

2.5

 

 

 

2.5

 

Additional paid in capital

 

 

3,561.7

 

 

 

3,557.8

 

Deficit

 

 

(278.1

)

 

 

(292.7

)

Accumulated other comprehensive loss

 

 

(19.7

)

 

 

(20.3

)

 

 

 

3,266.4

 

 

 

3,247.3

 

 

 

$

9,055.0

 

 

$

8,484.3

 

 

Commitments and contingencies (note 12)

Subsequent events (note 15)

 

See accompanying notes to interim consolidated financial statements.

 

 

1


 

 

SEASPAN CORPORATION

Interim Consolidated Statements of Operations

(Unaudited)

(Expressed in millions of United States dollars)

 

 

Three months ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Revenue (note 11)

 

$

350.6

 

 

$

303.8

 

 

$

684.4

 

 

$

596.3

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ship operating expenses

 

 

74.4

 

 

 

56.7

 

 

 

142.6

 

 

 

113.5

 

Depreciation and amortization

 

 

75.9

 

 

 

72.7

 

 

 

151.1

 

 

 

139.3

 

General and administrative

 

 

9.6

 

 

 

6.8

 

 

 

19.1

 

 

 

15.6

 

Operating leases (note 8)

 

 

36.0

 

 

 

37.3

 

 

 

71.4

 

 

 

75.4

 

 

 

 

195.9

 

 

 

173.5

 

 

 

384.2

 

 

 

343.8

 

Operating earnings

 

 

154.7

 

 

 

130.3

 

 

 

300.2

 

 

 

252.5

 

Other expenses (income):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

50.3

 

 

 

45.9

 

 

 

93.0

 

 

 

93.8

 

Interest income

 

 

(0.1

)

 

 

(0.3

)

 

 

(0.2

)

 

 

(1.1

)

Loss on debt extinguishment (note 7)

 

 

56.1

 

 

 

 

 

 

56.1

 

 

 

 

Loss on derivative instruments (note 14 (c))

 

 

5.2

 

 

 

7.0

 

 

 

11.1

 

 

 

31.8

 

Other expenses

 

 

1.7

 

 

 

0.6

 

 

 

2.6

 

 

 

1.2

 

 

 

 

113.2

 

 

 

53.2

 

 

 

162.6

 

 

 

125.7

 

Net earnings

 

$

41.5

 

 

$

77.1

 

 

$

137.6

 

 

$

126.8

 

 

See accompanying notes to interim consolidated financial statements.

2


 

SEASPAN CORPORATION

Interim Consolidated Statements of Comprehensive Income

(Unaudited)

(Expressed in millions of United States dollars)

 

 

Three months ended June 30,

 

 

Six months ended June 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Net earnings

 

$

41.5

 

 

$

77.1

 

 

$

137.6

 

 

$

126.8

 

Other comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amounts reclassified to net earnings during the period

relating to cash flow hedging instruments (note 14(c))

 

 

0.3

 

 

 

0.4

 

 

 

0.6

 

 

 

0.7

 

Comprehensive income

 

$

41.8

 

 

$

77.5

 

 

$

138.2

 

 

$

127.5

 

 

See accompanying notes to interim consolidated financial statements.

 

 

3


 

 

SEASPAN CORPORATION

Interim Consolidated Statement of Shareholder’s Equity

(Unaudited)

(Expressed in millions of United States dollars, except number of shares)

 

Three months ended June 30, 2021

 

 

 

Number of

 

 

 

 

 

 

Additional

 

 

 

 

 

 

Accumulated other

 

 

Total

 

 

 

 

common

 

 

Common

 

 

paid-in

 

 

 

 

 

 

comprehensive

 

 

shareholder's

 

 

 

 

shares

 

 

shares

 

 

capital

 

 

Deficit

 

 

loss

 

 

equity

 

Balance, March 31, 2021, carried forward

 

 

 

249,219,800

 

 

$

2.5

 

 

$

3,560.2

 

 

$

(244.6

)

 

$

(20.0

)

 

$

3,298.1

 

Net earnings

 

 

 

 

 

 

 

 

 

 

 

 

41.5

 

 

 

 

 

 

41.5

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

0.3

 

 

 

0.3

 

Dividends on common shares

 

 

 

 

 

 

 

 

 

 

 

 

(75.0

)

 

 

 

 

 

(75.0

)

Share-based compensation expense (note 2)

 

 

 

 

 

 

 

 

 

1.5

 

 

 

 

 

 

 

 

 

1.5

 

Balance, June 30, 2021

 

 

 

249,219,800

 

 

$

2.5

 

 

$

3,561.7

 

 

$

(278.1

)

 

$

(19.7

)

 

$

3,266.4

 

 

See accompanying notes to interim consolidated financial statements.


4


 

 

 

SEASPAN CORPORATION

Interim Consolidated Statement of Shareholder’s Equity

(Unaudited)

(Expressed in millions of United States dollars, except number of shares)

 

Three months ended June 30, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

Number of

 

 

 

 

 

 

 

 

Additional

 

 

 

 

 

 

 

 

 

 

other

 

 

 

 

Total

 

 

 

common

 

 

Common

 

 

 

 

paid-in

 

 

 

 

 

 

 

 

 

 

comprehensive

 

 

 

 

shareholder's

 

 

 

shares

 

 

shares

 

 

 

 

capital

 

 

 

 

Deficit

 

 

 

 

loss

 

 

 

 

equity

 

Balance, March 31, 2020, carried forward

 

 

249,219,800

 

 

$

2.5

 

 

 

 

$

3,535.2

 

 

 

 

$

(441.5

)

 

 

 

$

(21.3

)

 

 

 

$

3,074.9

 

Net earnings

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

77.1

 

 

 

 

 

 

 

 

 

 

77.1

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

0.4

 

 

 

 

 

0.4

 

Capital contribution from Atlas

 

 

 

 

 

 

 

 

 

 

20.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

20.0

 

Dividends on common shares

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(68.0

)

 

 

 

 

 

 

 

 

 

(68.0

)

Share-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

0.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

0.8

 

Balance, June 30, 2020

 

 

249,219,800

 

 

$

2.5

 

 

 

 

$

3,556.0

 

 

 

 

$

(432.4

)

 

 

 

$

(20.9

)

 

 

 

$

3,105.2

 

 

See accompanying notes to interim consolidated financial statements.


5


 

 

 

SEASPAN CORPORATION

Interim Consolidated Statement of Shareholder’s Equity

(Unaudited)

(Expressed in millions of United States dollars, except number of shares)

 

Six months ended June 30, 2021

 

 

 

Number of

 

 

 

 

 

 

Additional

 

 

 

 

 

 

Accumulated other

 

 

Total

 

 

 

 

common

 

 

Common

 

 

paid-in

 

 

 

 

 

 

comprehensive

 

 

shareholder's

 

 

 

 

shares

 

 

shares

 

 

capital

 

 

Deficit

 

 

loss

 

 

equity

 

Balance, December 31, 2020, carried forward

 

 

 

249,219,800

 

 

$

2.5

 

 

$

3,557.8

 

 

$

(292.7

)

 

$

(20.3

)

 

$

3,247.3

 

Net earnings

 

 

 

 

 

 

 

 

 

 

 

 

137.6

 

 

 

 

 

 

137.6

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

0.6

 

 

 

0.6

 

Dividends on common shares

 

 

 

 

 

 

 

 

 

 

 

 

(123.0

)

 

 

 

 

 

(123.0

)

Share-based compensation expense (note 2)

 

 

 

 

 

 

 

 

 

3.9

 

 

 

 

 

 

 

 

 

3.9

 

Balance, June 30, 2021

 

 

 

249,219,800

 

 

$

2.5

 

 

$

3,561.7

 

 

$

(278.1

)

 

$

(19.7

)

 

$

3,266.4

 

 

See accompanying notes to interim consolidated financial statements.

 

 


6


 

 

 

 

SEASPAN CORPORATION

Interim Consolidated Statement of Shareholder’s Equity

(Unaudited)

(Expressed in millions of United States dollars, except number of shares)

 

Six months ended June 30, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

Number of

 

 

Number of

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

 

 

 

 

 

 

 

 

other

 

 

 

 

Total

 

 

 

common

 

 

preferred

 

 

Common

 

 

 

 

Preferred

 

 

 

 

paid-in

 

 

 

 

 

 

 

 

 

 

comprehensive

 

 

 

 

shareholder's

 

 

 

shares

 

 

shares

 

 

shares

 

 

 

 

shares

 

 

 

 

capital

 

 

 

 

Deficit

 

 

 

 

loss

 

 

 

 

equity

 

Balance, December 31, 2019, carried forward

 

 

215,675,599

 

 

 

33,335,570

 

 

$

1.8

 

 

 

 

$

0.3

 

 

 

 

$

3,452.9

 

 

 

 

$

(200.7

)

 

 

 

$

(21.6

)

 

 

 

$

3,232.7

 

Impact of accounting policy change

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2.3

)

 

 

 

 

 

 

 

 

 

(2.3

)

Adjusted balance, December 31, 2019

 

 

215,675,599

 

 

 

33,335,570

 

 

 

1.8

 

 

 

 

 

0.3

 

 

 

 

 

3,452.9

 

 

 

 

 

(203.0

)

 

 

 

 

(21.6

)

 

 

 

 

3,230.4

 

Net earnings

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

126.8

 

 

 

 

 

 

 

 

 

 

126.8

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

0.7

 

 

 

 

 

0.7

 

Cancellation of preferred shares

 

 

33,335,570

 

 

 

(33,335,570

)

 

 

0.3

 

 

 

 

 

(0.3

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital contribution from Atlas

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

100.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

100.0

 

Dividends on common shares

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(342.9

)

 

 

 

 

 

 

 

 

 

(342.9

)

Dividends on preferred shares

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(16.8

)

 

 

 

 

 

 

 

 

 

(16.8

)

Shares issued through dividend

reinvestment program

 

 

7,943

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

0.1

 

 

 

 

 

(0.1

)

 

 

 

 

 

 

 

 

 

 

Share-based compensation expense

 

 

162,910

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3.0

 

Treasury shares

 

 

37,778

 

 

 

 

 

 

0.4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

0.4

 

Deconsolidation of Atlas

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3.6

 

 

 

 

 

 

 

 

 

 

3.6

 

Balance, June 30, 2020

 

 

249,219,800

 

 

 

 

 

$

2.5

 

 

 

 

$

 

 

 

 

$

3,556.0

 

 

 

 

$

(432.4

)

 

 

 

$

(20.9

)

 

 

 

$

3,105.2

 

 

See accompanying notes to interim consolidated financial statements.

 

7


 

 

 

SEASPAN CORPORATION

Interim Consolidated Statements of Cash Flows

(Unaudited)

(Expressed in millions of United States dollars)

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Cash from (used in):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings

 

$

41.5

 

 

$

77.1

 

 

$

137.6

 

 

$

126.8

 

Items not involving cash:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

75.9

 

 

 

72.7

 

 

 

151.1

 

 

 

139.3

 

Change in right-of-use asset

 

 

31.0

 

 

 

29.6

 

 

 

61.3

 

 

 

58.9

 

Non-cash interest expense and accretion

 

 

10.8